The surging focus of enterprises on employee wellbeing and health, on account of the increasing incidence of chronic diseases and the sedentary character of various jobs, is driving the growth of the global corporate wellness market. According to the estimates of the market research company, P&S Intelligence, the market revenue will rise from $51 billion in 2020 to more than $100 billion by 2030. Additionally, the burgeoning requirement for employee wellness perks is also fueling the expansion of the market.
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As per the World Health Organization (WHO), in 2016, more than 1.9 billion people in the age bracket— 18 years and above— were overweight. Furthermore, the organization reported that over 650 million people were obese across the world in the same year. This is primarily credited to the sedentary lifestyles and poor dietary habits of people and the lack of physical exercise. According to a study conducted by the National Library of Medicine under the U.S.’s National Institutes of Health, globally, one out of every three persons suffers from chronic diseases.
For example, Google LLC launched a program called the TEA Check-ins in July 2020, as part of its employee training program. It is basically an acronym for energy, attention, and thoughts and it was launched to address workplace-related exhaustion and stress. Depending on service type, the corporate wellness market is divided into fitness, health risk assessment, smoking cessation, nutrition & weight management, stress management, and health screening. Out of these, the health risk assessment category contributed the highest revenue to the market in 2020.
Moreover, their strong finances and bigger operating budgets allow them to deploy corporate wellness programs, which is usually not possible for smaller organizations due to their budgetary constraints. Across the globe, the corporate wellness market is expected to register the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This is attributed to the booming working population and the soaring public awareness about health and mental wellbeing in the region.
